Friday, October 14, 2011

Bed-Stuy Double Duplex: 315 Macon Street

2 stops into Bed-Stuy from Clinton Hill on the A/C train takes you to 315 Macon Street, where you get a double duplex 2-Family at a $799K price point that seems appealing for a tree-lined brownstone block. We're still getting a feel for Bed-Stuy though, and the echoes of an over-eager push there can still be heard. Afterall, this property was picked up just after the crash in December '08 for $660K and had a Lis Pendens filed for $528K by the following December. It was then sold in a short sale for $350K in March of this year, with what looks like an additional $300K construction loan. The listing now boasts "two move-in ready duplexes", "stainless steel appliances", and "a recent renovation has restored many original details." You'd think they'd want to show off the interior for the $300K renovation they did. If you just spent $300K on something and took months of work to do it, wouldn't you wanna show it off? Especially if you were trying to sell it to someone else for almost $800K? It's like that old classic...

If we're going to spend this kind of money in Bed-Stuy, we'd want the absolute best in breed, and there's no way to tell if this is it. This listing is much cheaper than our last post in Clinton Hill with no pictures, but the concept is identical. At only 2,385 sqft, you might be able to pick up two nice condos for this same price - and you know that's the exact opposite of what we ordinarily recommend. 315 Gates Avenue, for example, is in a more prime location with luxury interiors, low maintenance, and FHA approval - at only a slightly higher price per square foot than 315 Macon. Oh, and did we mention, you can SEE the inside of 315 Gates??

315 Gates certainly got the memo; people want to SEE something for their hundreds of thousands of dollars. Sorry, 315 Macon - step ya game up!

Pro's: curb appeal, tree lined block, close to the train, recent renovation, double duplex is a good 2-Fam layout

Con's: no pictures, not best of breed, someone else's short sale, could be fly-by-night renovation, not even that large

Ideally: there's gotta be something better in Bed-Stuy for this price with pictures. We'd even pick around Clinton Hill. And at much lower prices, 315 Gates has been selling off the shelves and has gotten rave reviews from owners and tenants alike.

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